Hex Trust Expands Support for Stacks, sBTC, Boosting Bitcoin DeFi Integration
1min read Hex Trust, a digital asset firm based in the region, has announced an expansion of its support for Stacks (STX), a prominent layer-2 (L2) Bitcoin (BTC) network, as well as sBTC, a decentralized asset based on Bitcoin. This move comes as Hex Trust, which manages $5 billion in assets under custody (AUC), aims to integrate Stacks-based assets and implement on-ramps to Stacks DeFi applications.
The firm, already a partner of the Stacks Asia Foundation, is well-positioned to meet the institutional demand in key markets, including Hong Kong, Singapore, and Dubai. These regions are known for their highly concentrated holdings, making Hex Trust's services particularly valuable.
Giorgia Pellizzari, Hex Trust’s Head of Custody, commented on the recent developments, stating, “The explosive adoption of sBTC by top-tier institutions reflects its transformative potential to unlock Bitcoin’s value in DeFi.” This partnership underscores a high level of demand for sBTC, which offers Bitcoin-denominated yield, decentralization, and a user experience similar to native Bitcoin.
Early adopters of sBTC include UTXO, SNZ, Jump Crypto, Asymmetric Research, and Sypher Capital, as well as Luganodes, which also serves as a validator. Within 24 hours of the second cap launch, sBTC’s capacity tripled, reaching 3,000 BTC. This rapid adoption highlights sBTC’s leading position in the cryptocurrency space as a connective element between Bitcoin and DeFi applications.
The next milestone for the project is the release of a withdrawal functionality, which is expected in the coming weeks. This development is anticipated to further enhance the utility and appeal of sBTC, solidifying its role in the DeFi ecosystem.
